Asia and the decline of Silicon Valley
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Jager McConnell discusses trends in innovation at the Rise Conference in Hong Kong on 13 July 2017 What fueled the environment for the Asian tech scene to flourish? Who will be the next tech hub?
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Asia and the decline of Silicon Valley
- 1. Asia and the death of Silicon Valley Jager McConnell CEO of Crunchbase @jagermcconnell Source: http://www.laughtraveleat.com/
- 2. Asia has already surpassed Silicon Valley Amount of capital invested Amountofcapitalinvested(inBillionsofUSD) $10B $20B $30B $40B $50B $60B 2008 2009 2010 2011 2012 2013 2014 2015 2016 Silicon Valley Asia Source: Crunchbase Data
- 3. Source: “The Course of the Empire - Destruction” by Thomas Cole, Disclaimer: Silicon Valley isn’t dead (yet)
- 4. how did we get here?
- 5. Computer and mathematical occupations NumberofJobs 800,000 900,000 1,000,000 1,100,000 1,200,000 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Demand for IT jobs increases in the U.S. Source: U.S. Bureau of Labor Statistics
- 6. Increasing Wages in the U.S. matched demand Median weekly earnings for computer and mathematical occupations Dollars(USD) $1,200 $1,250 $1,300 $1,350 $1,400 $1,450 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Source: U.S. Bureau of Labor Statistics
- 7. Cumulative U.S. jobs displaced by China OutsourcedJobs 1,850,000 2,200,000 2,550,000 2,900,000 3,250,000 2006 2007 2008 2009 2010 2011 2012 2013 United States sends its jobs to Asia Source: Economic Policy Institute
- 8. Graduates in Science, Technology, Engineering, and Mathematics in 2016 China India United States Russia Iran Indonesia Japan 1,000,000 2,000,000 3,000,000 4,000,000 5,000,000 Asia invests in education to meet demand Source: World Economic Forum
- 9. Asian companies tracked in Crunchbase Numberofcompaniesfounded 900 1,200 1,500 1,800 Year of company’s founding 2007 2008 2009 2010 2011 2012 2013 2014 Tech companies founded in Asia dramatically increases Source: Crunchbase Data
- 10. Number of Unicorns founded per year Numberofunicorns 5 10 15 20 25 30 Based on year founded, includes exited and private unicorns 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Asian unicorns founded Asia starts breeding unicorns Source: Crunchbase Data
- 11. Number of Unicorns founded per year Numberofunicorns 5 10 15 20 25 30 Based on year founded, includes exited and private unicorns 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 U.S. unicorns founded Asian unicorns founded Asia outpacing the U.S. in new unicorns Source: Crunchbase Data
- 13. Investor Portfolio of Asian companies increase in 2016 47% 40% 38% 35% 28% 27% 25% 23% 21% 18% 13% Top Asian investors leading the way in Asia Source: Crunchbase Data
- 14. Top Silicon Valley investors’ investment count in Asia NumberofInvestments 30 60 90 120 2012 2013 2014 2015 Sequoia Capital Accel Partners Intel Capital Increase since 2012 316% 177% 89% Source: Crunchbase Data Top Silicon Valley investors are jumping onboard
- 15. Geographic distribution of lead investors in Asian-based companies United States China India Singapore Israel Japan Hong Kong South Korea United Kingdom Number of investment rounds since 2012 200 400 600 800 1000 1200 1400 1600 The United States is outsourcing its capital Source: Crunchbase Data
- 16. what’s next?
- 17. Salary hike in 2016 across Asia-Pacific India China Philippines Malaysia Hong Kong Singapore Australia Japan Percent Growth 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 11% The cycle repeats: wages are starting to increase Source: Aon Hewitt
- 18. China’s working-age population Percentofthepopulation 55% 60% 65% 70% 75% 1950 1955 1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 Available workers are starting to decrease Source: United Nations, National Bureau of Statistics
- 19. Change in working age population (age 15-64) Millionsofpersons -100M -50M 0M 50M 100M 150M 200M 250M 300M 350M 1990 2000 2010 2020 2030 2040 2050 2060 Rest of world A global decrease of people entering the workforce Source: IMF, Regional Economic Outlook, Chapter 3, April 2015
- 20. Change in working age population (age 15-64) Millionsofpersons -100M -50M 0M 50M 100M 150M 200M 250M 300M 350M 1990 2000 2010 2020 2030 2040 2050 2060 Sub-Saharan Africa Rest of world Creating opportunities for other parts of the world Source: IMF, Regional Economic Outlook, Chapter 3, April 2015
- 21. Source: CIA Factbook Population under the age of 25 years old Nigeria Kenya Zimbabwe Ghana South Africa USA UK Japan Percent of population 0% 10% 20% 30% 40% 50% 60% 70% As a generation of young people in Africa grows
- 22. Job creation in African start-ups JobGrowthRate 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 110% 2011 2012 2013 2014 Jobs in African tech startups skyrocket Source: The Atlas
- 23. Africa primed for the future Large labor force 29 million workers enter labor force yearly Booming entrepreneurship 22% start a business of working age adults Young population 60% of population under 25 Internet readiness 45% of GDP was transacted via mobile in Kenya Source: African Economic Outlook 2017
- 24. Big players seem to think so
- 25. Is Africa China’s China? Chinese investment in Africa has risen from $7 billion in 2008 to $26 billion in 2013 (“Knowledge@Wharton,” UPenn) Over $100 billion in African roads, telecom, water, power and light industry financed by China over the last 15 years (“Delivered,” DHL)
- 26. And China already seeing the benefits Source: China Statistical Yearbook, SAIS China Africa Research Initiative China’s trade with Africa USDollars(Billions) $25B $50B $75B $100B $125B $150B $175B $200B 1995 2000 2005 2010 2015 Exports to Africa Imports from Africa
- 27. Will Africa become the world’s next tech hotspot? Tweet your thoughts @jagermcconnell